Bajaj Auto is ready to launch its first electric three-wheeler in April 2023. The all-new electric three-wheeler will be introduced for the cargo as well as passenger vehicle parts, but this will be initially launched in some cities as the firm wishes to tackle the launch in a phased way.
However, the features of the vehicle have not been disclosed yet.
What Did The Executive Director Of Bajaj Say?
The executive director of Bajaj Auto, Rakesh Sharma has revealed that “We will initiate the sales this month for cargo as well as passenger electric three-wheeler vehicles.
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There will be a restricted rollout as we want to do it in a phased manner, as it is very significant to provide a stable product to the commercial user.”
Originally, the firm had plans to roll out the all-new electric three-wheelers in 2022 but postponed it acknowledging user safety.
“The approval from FAME and certification from ARAI have been completed. There will be restricted send-offs in the coming couple of weeks… The dealerships are being made and the training is on the way,” as per Sharma’s revelation.
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The perforation of electric three-wheelers will be about 14% to 16% in India by FY25, from 8% now, an ICRA report has recently revealed.
As per the rating agency, the perforation is calculated to increase to 35-40% by FY30 as the product receives more acknowledgment and financing-associated challenges subside.
Bajaj holds about 76% share in the three-wheeler market as of the third quarter of the financial year 2023.
Although, it somehow shorts an electric vehicle in its binder to compete with its opponent Mahindra and Mahindra, which is presently leading the market in the electric three-wheeler part.
The Price Hike By Bajaj
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Bajaj Auto will impose a price hike on its vehicle offerings in April but doesn’t anticipate a hit on the demand.
“We are having a look on not just at the OBD 2 norms but also checking the anticipated raw material cost hike. The prices will rise but I don’t anticipate the demand to be hurt as well.”
It will not influence the top half of the portion; also in the bottom half, it will get a very negligible influence,” Sharma added.
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Now, the demand and expansion of the all-new electric vehicle by Bajaj is a matter of concern, and we have to look at that how much impact it adds on the market.
The competition with its rival, Mahindra and Mahindra is also going to be very interesting.
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